N.Y. Abandoned Property Law § 300: Unclaimed property held or owing by banking organizations

§ 300. Unclaimed property held or owing by banking organizations. 1.

The following unclaimed property held or owing by banking organizations

shall be deemed abandoned property:

(a) Any amounts due on deposits or any amounts to which a shareholder

of a savings and loan association or a credit union is entitled, held or

owing by a banking organization, which shall have remained unclaimed for

three years by the person or persons appearing to be entitled thereto,

including any interest or dividends credited thereon, excepting

(i) any such amount which has been reduced or increased, exclusive of

dividend or interest payment, within three years, or

(ii) any such amount which is represented by a passbook not in the

possession of the banking organization, which has been presented for

entry of dividend or interest credit within three years, or

(iii) any such amount with respect to which the banking organization

has on file written evidence received within three years that the person

or persons appearing to be entitled to such amounts had knowledge

thereof, or

(iv) any such amount payable only at or by a branch office located in

a foreign country, or payable in currency other than United States

currency, or

(v) any such amount that is separately identifiable and has been set

aside to meet the burial and related expenses of an individual, provided

however that said amount shall be deemed abandoned property where it

remains unclaimed for three years subsequent to the death of the

individual for whom the amount was deposited.

(b) Any amounts, together with all accumulations of interest or other

increment thereon, held or owing by a banking organization for the

payment of an interest in a bond and mortgage apportioned or transferred

by it pursuant to subdivision seven of former section one hundred

eighty-eight of the banking law as it existed prior to July first,

nineteen hundred thirty-seven, which shall have remained unclaimed by

the person or persons appearing to be entitled thereto for three years

after the full and final liquidation of such mortgage, excepting

(i) any such amount which has been reduced by payment to the person or

persons appearing to be entitled thereto within three years, or

(ii) any such amount which is represented by a certificate of share

ownership not in the possession of the banking organization, which

certificate has been presented for transfer within three years, or

(iii) any such amount with respect to which the banking organization

has on file written evidence received within three years that the person

or persons appearing to be entitled to such amount had knowledge

thereof.

(c) Any amount held or owing by a banking organization for the payment

of a negotiable instrument under article three of the uniform commercial

code or a certified check whether negotiable or not, on which such

organization is directly liable, which instrument shall have been

outstanding for more than three years from the date it was payable or

from the date of its issuance, if payable on demand; provided, however,

the provisions of this paragraph shall not apply

(i) to any negotiable instrument payable outside the continental

limits of the United States, or

(ii) to any instrument payable in currency other than United States

currency.

(d) After the expiration of three years from the opening of any vault,

safe deposit box or other receptacle by a banking organization pursuant

to the provisions of the banking law, any surplus amounts arising from a

sale by such banking organization of the contents of such vault, safe

deposit box or other receptacle pursuant to the provisions of the

banking law, the balance remaining of any United States coin or currency

among the contents of such vault, safe deposit box or other receptacle

and the balance remaining of the proceeds of the principal of or

interest or dividends on any securities among the contents of such

vault, safe deposit box or other receptacle or the securities themselves

which have remained unsold by the banking organization.

(e) Any amount or security representing a dividend or other payment

received (i) after June thirtieth, nineteen hundred forty, by a banking

organization or its nominee as the record holder of any stock, bond, or

other security of any corporation, association or joint stock company to

which amount or security an unknown person (except a person entitled to

such dividend or other payment upon the surrender of other outstanding

securities) is entitled or (ii) on or after July first, nineteen hundred

seventy-four by a banking organization or its nominee other than as a

holder of record or as holder of record for known persons on any stock,

bond or other security of any corporation, association or joint stock

company or (iii) on or after July first, nineteen hundred eighty-four by

a banking organization or its nominee on any stock, bond, or other

security of a governmental or other public issuer, (1) which shall have

remained unclaimed by the person entitled thereto for three years after

receipt thereof by such banking organization or its nominee, or (2) when

the stock, bond or other security with respect to which such amount or

security representing a dividend or other payment is payable has been

deemed abandoned.

(f) Except as provided in paragraph (e) of this subdivision, any

stock, bond or other security of any corporation, association or joint

stock company received on or after July first, nineteen hundred

seventy-seven or any stock, bond or other security of any governmental

or other public issuer received on or after July first, nineteen hundred

eighty-four by a banking organization or its nominee and held by such

banking organization or its nominee (1) as holder of record of such

stock, bond or other security, or (2) as custodian, trustee or fiduciary

for a person other than the issuer with respect to such stock, bond or

other security, or (3) for unknown persons where, for three successive

years, (i) all amounts payable upon such stocks, bonds, or other

securities of any corporation, association or joint stock company and

received by such banking organization or its nominee on or after July

first, nineteen hundred seventy-seven or all amounts payable upon such

stocks, bonds, or other securities of any governmental or other public

issuer and received by such banking organization or its nominee on or

after July first, nineteen hundred eighty-four have remained unclaimed

by the person entitled thereto, and (ii) no written communication

concerning such stock, bond or other security has been received from the

person entitled thereto by such banking organization or its nominee.

(g) Any stock, bond, or other security held by a banking organization

in any vault or other storage area in any capacity other than as set

forth in paragraphs (d), (e) or (f) of this subdivision where, for three

successive years, (i) such stock, bond, or other security has remained

unclaimed by the person entitled thereto, and (ii) no written

communication concerning such stock, bond or other security has been

received from the person entitled thereto by such banking organization.

(h) (i) Any amount or security of any domestic, foreign,

non-authorized foreign or public corporation, for which a banking

organization acts as either agent or trustee of such corporation or as

agent or trustee of a fiduciary engaged in the conduct of business, as

such terms are defined in article five of this chapter, shall be deemed

abandoned property in the same manner and under the same conditions as

such amounts or securities are deemed abandoned pursuant to article five

of this chapter, except that such amounts or securities shall be

reportable, payable and/or deliverable to the state comptroller on the

dates specified within this article for the report and delivery of

abandoned property by banking organizations to the state comptroller.

(ii) Where a banking organization or its nominee acts as either agent

or trustee for the issuer of American depositary receipts, or as agent,

fiduciary or holder of record for the rightful owner of such American

depositary receipts, or the banking organization is itself the issuer of

American depositary receipts, the American depositary receipts shall be

deemed "securities" and such securities and amounts payable or

distributable thereon shall be deemed abandoned property in the same

manner and under the same conditions as securities and amounts payable

by banking organizations pursuant to the provisions of subparagraph (i)

of this paragraph, provided, however, that this subparagraph shall apply

to amounts or securities owing to or owned by persons with a last known

address in New York or a foreign address or persons with no last known

address and provided further that this subparagraph shall apply to such

amounts, whether in cash or stock, received by such banking organization

or payable or distributable on or after July first, nineteen hundred

seventy-four.

(iii) The certified letters required to be mailed to apparent owners

of securities enrolled in a reinvestment plan pursuant to subdivision

two of section five hundred one of this chapter shall be mailed in the

same manner and at the same time as specified in this article, except

that such certified mail must be made to the apparent owners of such

securities regardless of the amount.

(i) Any amount or security which shall have become payable or

deliverable by a banking organization, as agent or trustee for a

corporation, association or joint stock company which shall have

discontinued the conduct of its business, or the corporate existence of

which shall have terminated, without the right to receive such amount

having passed to a successor or successors, and which shall have

remained unpaid or undelivered to the person or persons entitled thereto

for three years.

(j) Any security representing the capital stock of a banking

organization or any amount payable or distributable thereon shall be

deemed abandoned property in the same manner and under the same

conditions as amounts or securities are deemed abandoned pursuant to

article five of this chapter.

(k) Lost property or instruments as defined in section two hundred

fifty-one of the personal property law which shall have been held by a

safe deposit company or bank for three years pursuant to the provisions

of section two hundred fifty-six of the personal property law.

2. Any abandoned property held or owing by a banking organization to

which the right to receive the same is established to the satisfaction

of such banking organization shall cease to be deemed abandoned.

3. A deposit made with a banking organization directly by a court or

by a guardian pursuant to order of a court for the benefit of a person

who was an infant at the time of the making of such deposit, which

deposit is subject to withdrawal only upon the further order of such

court, shall not be subject to the provisions of this chapter until such

infant attains the age of eighteen years or until the death of such

infant whichever event occurs sooner.

4. As used in sections three hundred to three hundred three inclusive

of this article, the term "banking organizations" shall be deemed to

include the New York branch or branches or agency or agencies of all

foreign banking corporations licensed to do business in this state

pursuant to article two and all branches of all out-of-state depository

institutions authorized to conduct business in this state pursuant to

article five-C of the banking law, and the word "deposits" shall be

deemed to include credit balances maintained by any such agencies for

the account of others in accordance with the provisions of section two

hundred two-a of the banking law.